Precast Concrete Market: Future Planning Through Industry Analysis

Pune, India, December 2020 /MRFR Press Release/- Market Research Future published a cooked research report on Precast Concrete Market.

The Precast Concrete Market is set to grow at a CAGR of 5.36% during the forecast period 2018 to 2023. As per the market research report, the market will hit US$103,666.1 million in terms of valuation by the end of 2023. The market growth will be driven by the rising uses of precast concrete. Based on the research report, applications across modern construction and pre-factored buildings will accelerate growth in the market till 2023. Although the slow consumption of precast concrete in end-use industries will have a negative impact on the Global Precast Concrete Market’s Growth during this period.

The slow growth in the construction industry is predicted to be a key challenge which could become a strong threat from 2018 to 2023 to companies. The market report published by expert analysts includes primary and secondary data and suggests that product type, application, and end-use segments are anticipated to witness tremendous growth till 2023. Factors such as government initiatives of infrastructure development will become key growth drivers during the forecast period and rising smart city projects are also said to be supporting the market globally, however, the growth projected for the forecast period could be affected by price volatility and the demand-supply gap which could negatively affect activities taking place across the market. Growing concerns related to the cost of materials is another challenge the market could face till 2023.

The Precast Concrete Market is segregated into different market segments based on Product Type, Application, and End-Use. For a comprehensive analysis of the market, the product type, application, and end-use segments are further split into smaller segments. The product type segment is categorized into floors & roofs, columns and beams, stairs and landing, walls, and others. Furthermore, based on application, the global market is also segmented into structural components, architectural components, bridge components, and others. Based on the market segmentation analysis, the report covers market forecasts. On the basis of end-use, the global market is split into sub segments including residential, commercial, and infrastructural development.

Increasing demand for green buildings will support the market growth from 2018 to 2023. As per the market research report, the global market for precast concrete is anticipated to grow at a healthy rate across all the product type, application, and end-use segments. However, the presence of active threats such as fluctuating prices of raw materials could hamper the market growth. Business activities across construction and infrastructure have also been examined and studied by construction and infrastructure industry’s experienced analysts. The precast concrete market research report covers findings with predictions and forecasts till 2023.

The Precast Concrete Market, with its product and service-related segments, is spread across the world. Construction and infrastructure based regional markets are also covered in the market research report. The regional markets are Asia-Pacific, Europe, North America, the Middle East and Africa and the rest of the world. Increasing population and rapid industrialization are anticipated to be a major factor for growth across the construction and infrastructure space during the forecast period. The regional market in North America is classified as the United States, Mexico, Canada, and others.

The Construction and Infrastructure sector based regional markets in Europe are split into Italy, Germany, France, and the United Kingdom. In the Asia Pacific region, the market is segmented into China, India, Japan, and others. Construction and infrastructure-based businesses in these regional markets are anticipated to grow due to urbanization worldwide during the forecast period 2018 to 2023. Although the market’s growth could be affected by frequent shortages of raw material supply. The analysts have also segmented markets of the Middle East, Africa, and the rest of the world.

Construction and infrastructure-based organizations are profiled in the Market Research Report. The Precast Concrete Market along with companies and segments have been studied. The analysis of construction and infrastructure-based business is also done to identify key challenges and strengths of these companies. The global precast concrete market research report covers SWOT analysis, Porter’s Five Force analysis of major construction and infrastructure related organizations. The strategy and other key details of these companies for the forecast period 2018 to 2023 are covered in the report. The growing travel sector leading to growth in the hotel business is anticipated to support the market growth as the market is set to grow at a CAGR of 5.36% and reach a value of US$103,666.1 million by 2023.

MDU Resources Group recently announced the acquisition of the holdings of Oldcastle Infrastructure Spokane, a prestressed-construction company headquartered in Washington that was formerly owned by Oldcastle Infrastructure. Precast and concrete block parts are produced in Spokane for projects in Washington, Idaho, and Oregon. Knife River Corporation, MDU Resources' building materials affiliate, has acquired it. Knife River's current precast/prestressed activities in Oregon, Alaska, and the rising Pacific Northwest will be complemented and expanded by this purchase.